In the last few months, the IRS has dramatically changed the way they calculate Offer in Compromise settlements on back taxes. The changes could make the same difference for businesses with 941 tax issues as for individuals, but it depends on the kind of entity that you are.
If you are a sole proprietorship or an LLC (with debts 2008 and older), the rules could directly help you as sole prop 941 and older LLC debts are treated the same as 1040 debts. So you might very well be able to offer much less (12 months of disposable income instead of 48 months).
However, if you are incorporated (S corp or C corp) or a multiple member LLC (with 941 debts after January 2009), the Offer in Compromise is still a difficult proposition. The IRS generally wants you to pay the trust fund portion of your 941 debt in an offer, so the new calculation doesn't alter that. The trust fund portion of your 941 debt is about 40 to 50% of your 941 liability. So if you want to keep your entity open and make an offer, your offer is usually going to be the trust fund amount.